BMO Financial Group Announces Intention to Repurchase Up to 12 Million of its Common Shares

Toronto (ots/PRNewswire) - - Bank of Montreal (TSX:BMO)(NYSE:BMO) today
announced its intention, subject to the approval of the Office of the
Superintendent of Financial Institutions Canada (OSFI) and the Toronto Stock
Exchange (TSX), to purchase for cancellation up to 12 million of its common
shares under a normal course issuer bid. Purchases will be made through the
facilities of the TSX and may also be made through alternative Canadian trading
systems or by such other means as may be permitted by a securities regulatory
authority, including private agreements or share repurchase programs under
exemption orders issued by securities regulatory authorities (Exemption Orders).
Bank of Montreal (the Bank) intends to file a notice of intention with the TSX
in this regard.

Subject to regulatory approvals, the normal course issuer bid will commence on
or around June 3, 2020, and will end on or around June 2, 2021. The common
shares that may be repurchased represent approximately 1.9 per cent of the
'public float' (as such term is defined in the TSX Company Manual) of common
shares as at January 31, 2020. The timing and amount of any purchases under the
program is subject to regulatory approvals and to management discretion based on
factors such as market conditions. Except for any purchases made under an
Exemption Order, which will generally be at a discount to the prevailing market
price, the Bank will pay the market price for the shares at the time of
acquisition.

There were 639,624,567 Bank of Montreal common shares issued and outstanding as
at January 31, 2020, and the public float was 639,391,370 common shares.

BMO's current normal course issuer bid for the purchase of up to 15 million
common shares commenced on June 3, 2019, and expires on June 2, 2020. Under the
current NCIB, as of February 1, 2020, BMO did not purchase any of its common
shares.

Bank of Montreal's common shares are listed on both the Toronto and New York
stock exchanges.

Caution Regarding Forward-Looking Statements

Bank of Montreal's public communications often include written or oral
forward-looking statements. Statements of this type are included in this
document, and may be included in other filings with Canadian securities
regulators or the U.S. Securities and Exchange Commission, or in other
communications. All such statements are made pursuant to the "safe harbor"
provisions of, and are intended to be forward-looking statements under, the
United States Private Securities Litigation Reform Act of 1995 and any
applicable Canadian securities legislation. Forward-looking statements in this
document may include, but are not limited to, statements with respect to our
objectives and priorities for fiscal 2020 and beyond, our strategies or future
actions, our targets, expectations for our financial condition or share price,
the regulatory environment in which we operate and the results of or outlook for
our operations or for the Canadian, U.S. and international economies, and
include statements of our management. Forward-looking statements are typically
identified by words such as "will", "would", "should", "believe", "expect",
"anticipate", "project", "intend", "estimate", "plan", "goal", "target", "may"
and "could."

By their nature, forward-looking statements require us to make assumptions and
are subject to inherent risks and uncertainties, both general and specific in
nature. There is significant risk that predictions, forecasts, conclusions or
projections will not prove to be accurate, that our assumptions may not be
correct, and that actual results may differ materially from such predictions,
forecasts, conclusions or projections. We caution readers of this document not
to place undue reliance on our forward-looking statements, as a number of
factors - many of which are beyond our control and the effects of which can be
difficult to predict - could cause actual future results, conditions, actions or
events to differ materially from the targets, expectations, estimates or
intentions expressed in the forward-looking statements.

The future outcomes that relate to forward-looking statements may be influenced
by many factors, including but not limited to: general economic and market
conditions in the countries in which we operate; the Canadian housing market and
consumer leverage; weak, volatile or illiquid capital and/or credit markets;
interest rate and currency value fluctuations; changes in monetary, fiscal, or
economic policy and tax legislation and interpretation; the level of competition
in the geographic and business areas in which we operate; changes in laws or in
supervisory expectations or requirements, including capital, interest rate and
liquidity requirements and guidance, and the effect of such changes on funding
costs; judicial or regulatory proceedings; the accuracy and completeness of the
information we obtain with respect to our customers and counterparties; failure
of third parties to comply with their obligations to us; our ability to execute
our strategic plans and to complete and integrate acquisitions, including
obtaining regulatory approvals; critical accounting estimates and the effect of
changes to accounting standards, rules and interpretations on these estimates;
operational and infrastructure risks, including with respect to reliance on
third parties; changes to our credit ratings; political conditions, including
changes relating to or affecting economic or trade matters; global capital
markets activities; the possible effects on our business of war or terrorist
activities; outbreaks of disease or illness that affect local, national or
international economies; natural disasters and disruptions to public
infrastructure, such as transportation, communications, power or water supply;
technological changes; information, privacy and cyber security, including the
threat of data breaches, hacking, identity theft and corporate espionage, as
well as the possibility of denial of service resulting from efforts targeted at
causing system failure and service disruption; and our ability to anticipate and
effectively manage risks arising from all of the foregoing factors.

We caution that the foregoing list is not exhaustive of all possible factors.
Other factors and risks could adversely affect our results. For more
information, please refer to the discussion in the Risks That May Affect Future
Results section, and the sections related to credit and counterparty, market,
insurance, liquidity and funding, operational, legal and regulatory, business,
strategic, environmental and social, and reputation risk, in the Enterprise-Wide
Risk Management section that begins on page 68 of BMO's 2019 Annual Report, and
the Risk Management section in BMO's First Quarter 2020 Report to Shareholders,
all of which outline certain key factors and risks that may affect our future
results. Investors and others should carefully consider these factors and risks,
as well as other uncertainties and potential events, and the inherent
uncertainty of forward-looking statements. We do not undertake to update any
forward-looking statements, whether written or oral, that may be made from time
to time by the organization or on its behalf, except as required by law. The
forward-looking information contained in this document is presented for the
purpose of assisting our shareholders in understanding our financial position as
at and for the periods ended on the dates presented, as well as our strategic
priorities and objectives, and may not be appropriate for other purposes.

Material economic assumptions underlying the forward-looking statements
contained in this document are set out in the Economic Developments and Outlook
section on page 18 of BMO's 2019 Annual Report and updated in the Economic
Review and Outlook section set forth in the First Quarter 2020 Report to
Shareholders. Assumptions about the performance of the Canadian and U.S.
economies, as well as overall market conditions and their combined effect on our
business, are material factors we consider when determining our strategic
priorities, objectives and expectations for our business. In determining our
expectations for economic growth, we primarily consider historical economic
data, past relationships between economic and financial variables, changes in
government policies, and the risks to the domestic and global economy.

For News Media Enquiries: Paul Gammal, Toronto, paul.gammal@bmo.com,
416-867-3996; For Investor Relations Enquiries: Tom Little, Toronto,
tom.little@bmo.com, (416) 867-7834; Internet: www.bmo.com, Twitter: @BMOMedia

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OTS: BMO Financial Group

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